Cannabis retailer Eden Empire Inc. (CSE:EDEN) confirmed on Thursday it has entered into an agreement with an arm’s length third-party to assist in expanding the Eden franchise across Michigan. Its new partner has already taken part in the development of various marijuana facilities in the Great Lakes state and has many contacts within the industry.
“We are pleased to announce our Partner in Michigan to assist with expanding the EDEN footprint in Michigan,” CEO Gerry Trapasso stated. “Utilizing our Partner to create advantageous opportunities for the company is massive as this market continues to grow year-over-year. It is an extremely exciting year ahead for all companies involved in the Michigan cannabis industry and we look forward to releasing news about onboarding potential franchisees in the near future.”
The company highlighted the most important figures revealing the growth of Michigan's booming cannabis industry:
- In 2020, cannabis sales in Michigan hit $984 million;
- In 2021 marijuana sales in the state surpassed $1.79 billion, indicating a 43% growth in cannabis sales year-over-year.
In addition, Eden noted that the franchise opportunity will provide the company with extensive branding exposure in the market.
More recent news from Eden Empire:
Eden Empire Announces JV For Its Davie Street Location, Sells 50% Interest For $1.05M
Cannabis Movers & Shakers: Eden Empire, Cannabics Pharmaceuticals, Nabis
Price Action
Eden Empire shares traded flat at CA$0.040 on the Canadian Stock Exchange at the time of writing Thursday.
